No one likes to think about losing their belongings. Unfortunately, it happens. Whether due to a house fire, flood, or robbery, your valuable possessions really could be gone in the blink of an eye.
This is why it is so important to make sure that your possessions—especially your most valuable ones—are properly insured. How can you be sure? We’ve listed some tips below that will help you stay on top of your personal property insurance.
Read your policy.
It may sound straightforward, but it’s the first, crucial step toward protecting your belongings is knowing what your policy does (and doesn’t) cover. If you have questions or need help interpreting your policy, talk to an insurance agent and ask for help. Also ask them to explain any other options or offers you may not be taking advantage of.
Know your options.
Are you a homeowner? A renter? A landlord? Do you have very valuable items (furniture, jewelry, artwork, etc.) that have values that may exceed your coverage limits? More likely than not, there is a policy that meets your specific wants and needs. Again, talking to a trustworthy insurance agent could help you make sure you are getting the coverage you need in case of a loss.
Keep track of your belongings.
If you have items of higher value, check them against your policy limits. You might need to get additional insurance if you have any items with an extremely high value. It’s also a good idea to have some sort of documentation of all your belongings, in case they are destroyed beyond recognition in a fire or other disaster. Taking detailed photographs or video recordings of all your possessions is a good way to be truly prepared for disaster.
Look into cash value vs. replacement cost.
Most basic (and cheap) policies are “cash value” policies. This means that if your item is destroyed, your insurance will only cover the amount that the item is currently worth. If you purchased a refrigerator 5 years ago for $800, for example, it may only be worth $200 today, and that is the payout you would get from your cash value policy. A replacement cost policy, on the other hand, will reimburse you for the cost of replacing the item, so if you had to pay $1000 for a new refrigerator, you would be paid the full amount.
Keep your belongings safe in the first place.
The best way to insure your items? Take steps to keep them safe. Home security systems can go a long way toward deterring burglars. Fire and flood safety can help protect your home as well. If you are keeping some items in storage, make sure those facilities are well protected. Taking some safety steps now could save you a lot of hassle in the future.
With any luck, you’ll never have to file a claim on your personal property insurance. But should the need ever arise, you’ll be glad you have it, and glad you did it right.
Arizona Storage Centers is committed to keeping our customer’s valuables safe. With locations in Phoenix, Glendale, Gilbert, Chandler, and Deer Valley, we are proud to provide Arizonans with reliable storage options for their furniture or other possessions. Give us a call at 480-386-6022, or stop by one of our locations, for more information about renting one of our units.